Development and Sale of Crop Insurance Agency
Dec 31, 2023OUTCOME: Sale of Agency
Create and grew a crop insurance agency to approximately $100 million dollars in gross premium. Successfully sold that agency to third party buyer.
Michael Todd Scott's Legal Cases (7)
Bloomington, IL
Business Lawyer at Bloomington, IL
Practice Areas: Business, Insurance ... +2 more
Boone v. Bentley (In re Bentley), 2021 Bankr. LEXIS 2591, 2021 WL 4296162
Sep 21, 2021OUTCOME: Debtor's Discharge Denied
Represented ex-wife in an adversary case under 11 USC 727(a)(4)(A) against ex-husband/debtor. The Court held that: (1) the Fed. R. Civ. P. 37 sanctions imposed were both necessary and appropriate un ... der the circumstances because the debtor's conduct in failing to comply with his discovery obligations could have only been construed as willful and in bad faith; and (2) That the debtor's ex-wife presented sufficient evidence for a denial of discharge under 11 U.S.C.S. § 727(a)(4)(A) because the debtor made multiple, materially false statements under oath in his bankruptcy petition and schedules by exaggerating his business interests and claiming to be the sole proprietor and operator of business entities that he either did not own at all or in which he held only an indirect, minority interest, he made the statements knowingly, fraudulently, and with reckless disregard for the truth, and he made the false statements for the purpose of harassing and harming his ex-wife and her business partners.
Acquisition and Sale of Crop Insurance Managing General Agency
May 31, 2017OUTCOME: Gain of $120 million on Sale
Acquired a crop insurance MGA and oversaw the growth of that business from $28 million to $550 million in gross written premium; ultimately oversaw the sale of that business for a gain of $120 million. ...
Formation of Illinois Captive Insurer
Nov 01, 2015OUTCOME: Formation of Company and Savings of $4 million annually
Formed a captive insurance company subsidiary in Illinois to save approximately $4 million a year on insurance self-procurement taxes.
Acquistion of Arizona Insurance Company
Jun 01, 2012OUTCOME: Annual Savings of $2 million per year
Acquired an insurer with licenses in 42 states to be the fronting carrier on crop and property insurance which resulted in a cost savings of approximately $2 million per year.
EXPRO ERISA Prohibited Transaction Exemption
Jan 25, 2009OUTCOME: Granting of ERISA Prohibited Transaction Exemption
Achieved an EXPRA prohibited transaction exemption allowing the reinsurance of risks and the receipt of premiums therefrom by a captive insurance company in connection with long term disability contrac ... ts sold to the captive's parent company providing benefits to participants in the parent company's employee benefit plans.
ERISA Prohibited Transaction Exemption
May 05, 2003OUTCOME: Granting of a Prohibited Transaction Exemption
Achieved a prohibited transaction exemption allowing the reinsurance of risks and the receipt of premiums therefrom by a captive insurance company in connection with insurance contracts sold to the cap ... tive's parent company providing basic and supplemental life insurance benefits to participants in the parent company's employee benefit plans.
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